Bitcoin News and Finance: What You Need to Know

Binance US has informed its users that U.S. dollar deposits have been suspended and USD withdrawals will no longer be processed. The crypto exchange has asked customers to withdraw dollars by June 13 as it transitions into a crypto-only trading platform. The move followed a lawsuit against the crypto exchange and several other Binance entities by the U.S. Securities and Exchange Commission (SEC). Binance US Suspends Dollar Deposits, Withdrawals Binance US made an announcement Thursday regarding the suspension of U.S. dollar deposits and withdrawals following an “aggressive” enforcement action taken by the U.S. Securities and Exchange Commission (SEC). The securities watchdog filed charges against several entities on Monday, including Binance Holdings, which operates Binance.com; its U.S.-based affiliate BAM Trading Services, which operates Binance US; and Binance CEO Changpeng Zhao (CZ). The regulator followed up with an emergency action application the next day, seeking a tempora...

Unlike in the United States where authorities are cracking down on the crypto industry, the regulations governing the industry are “more clearly defined and commercially viable in markets like Hong Kong, Singapore, and the UAE,” Stephan Lutz, the group CEO and CFO of the crypto exchange Bitmex, has said. U.S. Crackdown Driving Away Talent In his written answers to questions from Bitcoin.com News, Lutz hailed regulatory frameworks such as the one adopted by Hong Kong’s Securities and Futures Commission because it “provide[s] standards for digital assets that are crucial for this fast-growing asset class.” Concerning the likely impact on innovation of the United States government’s so-called Operation Choke Point 2.0, the Group CEO concurred with many crypto proponents who argue that such a clampdown will only drive away talent. The crackdown has and will indirectly benefit Hong Kong which according to Lutz is attempting to make itself “the epicenter of the crypto industry in Asia.” ...

In a recent development, Bitgo, the digital asset trust firm, disclosed that it has penned a letter of intent to acquire Prime Trust, a crypto custodian based in Nevada. Should the acquisition proceed, Prime Trust would become an integral part of Bitgo’s network of regulated trust companies. Bitgo Signs Letter of Intent to Acquire Crypto Custodian Prime Trust Amid Speculative Chatter Bitgo reports that they have signed a letter indicating their intent to acquire Prime Trust . The announcement follows speculative chatter and multiple rumors on social media that suggest Prime Trust was grappling with financial struggles and potential bankruptcy. Last year, Prime Trust found itself in a legal dispute with the now-defunct crypto lender Celsius after they accused the custodian of failing to return $17 million in crypto assets in August 2022. In October 2022, Prime Trust consented to return the $17 million and stated that it would transfer the funds to a wallet designated by Celsiu...

PRESS RELEASE . FORT COLLINS, CO / June 9, 2023 – COZ, a pioneering community in the blockchain industry, is excited to announce its collaboration with Degenz.wtf, a leading advisory firm, to support Alden Ehrenreich’s directorial debut, Shadow Brother Sunday , with legendary filmmaker Francis Ford Coppola as executive producer. Produced by Vanishing Angle, the short film is set to make its debut at the prestigious Tribeca Film Festival on June 9, 2023. As part of this partnership, Neo Blockchain and Degenz.wtf will be featured in the sponsoring credits, marking their first endeavors into the entertainment industry to make Web 3.0 more accessible to the general public. Furthermore, an exclusive physical NFT collection featuring original 35mm film frames curated by Degenz.wtf and produced by COZ, will be presented during the festival. These NFTs will provide provenance, tamper-proof authenticity, and transferability to collectors and enthusiasts. The auction featuring the pieces will...

Tennesse U.S. senator Bill Hagerty has warned about the consequences of the recent actions of the Securities and Exchange Commission (SEC) against cryptocurrency platforms in the country and the objectives that might be behind these. Hagerty stated that the true motivation behind the lawsuits against Coinbase and Binance is to remove the possible competitors of a federal government-issued central bank digital currency (CBDC). U.S. Senator Bill Hagerty Believes SEC Is Paving the Way for a CBDC U.S. senator Bill Hagerty has warned about what he thinks are the true objectives behind the recent legal actions against exchanges like Binance and Coinbase , which have been charged by the Securities and Exchange Commission (SEC) with violating securities laws. Hagerty, a long-time critic of the SEC’s stance against crypto, believes that the organization is purposefully leading platforms out of the U.S. with a single objective: to establish a single central bank digital currency (CBDC). Ha...

African crypto exchange Mara has not only parted ways with a reported 85% of its staff but has cut the salaries of workers that have remained. Although Mara has cast the layoffs as an exercise which aims to remove redundant roles, former employees have said the startup’s ballooning marketing costs partly explain why it has decided to cut its workforce. Eliminating Redundant Roles The pan-African crypto exchange, Mara, has become the latest startup to trim its workforce, and one report suggests that as much as 85% of the firm’s employees have been laid off. In addition, the remaining employees have had their salaries cut. As has been reported by Bitcoin.com News, some Africa-based crypto and blockchain firms have similarly sent home a significant number of their respective employees. Many of these startups pointed to the so-called crypto winter as their reason for the reductions. Mara, which completed a $23 million seed equity round in May 2022, claimed that the layoffs are intend...